Generac Holdings (GNRC) PT Lowered to $90 at BofA Securities; Reiterates Underperform

BofA Securities analyst Julien Dumoulin-Smith lowered the price target on Generac Holdings (NYSE: GNRC) to $90.00 (from $95.00) while maintaining an Underperform rating.

"Generac (GNRC) outperformed our cleantech coverage +37% in 2Q23 and the S&P 500 +8%, which we attribute in part to perception of increased outage activity. The media has extensively covered Texas tight grid conditions and there have been outages across several states. GNRC management vocally flags its confidence in the category and the strength of demand indicators. Sales leads and in home consultations (IHCs) are a proxy for interest/demand and do not equate to revenue. Our latest conversations confirm that close rates remain below pre-COVID levels and are likely to stay suppressed into 2024, which challenges home standby (HSB) recovery. We reiterate our Underperform rating."

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